ahlam1399
09-03-2015, 01:03 PM
Retirement savings at risk for UAE working parents
http://img-s-msn-com.akamaized.net/tenant/amp/entityid/AAdTex4.img?h=100&w=100&m=6&q=60&o=f&l=fA third of working parents in UAE say paying for their children’s education prevents them from saving for retirement. New research from HSBC found that while the vast majority of mums and dads – 92 per cent – believe a university degree is essential for their kids to achieve their life goals, 29 per cent of parents write-off their hard-earned retirement savings so they can cope with the cost of higher education. But Khalid Elgibali, head of retail banking and wealth management, HSBC MENA, said parents are struggling to cover costs because they failing at the maths that is financial planning. He told 7DAYS: “There is an aspiration-reality gap. When you talk to parents with young kids, who are the ones who should be thinking of planning for the future **w, 66 per cent say ‘**t to worry, I’ve got savings set aside’. “Wind the clock forward and only 40 per cent end up finding e**ugh to fund university. This is a worrying situation. There is a huge gap, which points to that there is ** replacement for seeking advice and starting to plan for these things early. When you fail to plan and then you find, ‘OK my kid is going to university, oh God it’s going to cost me this!’… then your retirement plan has gone for a toss for the next few years because you’ve **t planned for education. So it’s important to plan ahead.” HSBC’s Value of Education 2015: Learning for life report examined the views of over 5,550 parents across 16 countries, and more than 450 from the UAE. [email protected]
http://img-s-msn-com.akamaized.net/tenant/amp/entityid/AAdTex4.img?h=100&w=100&m=6&q=60&o=f&l=fA third of working parents in UAE say paying for their children’s education prevents them from saving for retirement. New research from HSBC found that while the vast majority of mums and dads – 92 per cent – believe a university degree is essential for their kids to achieve their life goals, 29 per cent of parents write-off their hard-earned retirement savings so they can cope with the cost of higher education. But Khalid Elgibali, head of retail banking and wealth management, HSBC MENA, said parents are struggling to cover costs because they failing at the maths that is financial planning. He told 7DAYS: “There is an aspiration-reality gap. When you talk to parents with young kids, who are the ones who should be thinking of planning for the future **w, 66 per cent say ‘**t to worry, I’ve got savings set aside’. “Wind the clock forward and only 40 per cent end up finding e**ugh to fund university. This is a worrying situation. There is a huge gap, which points to that there is ** replacement for seeking advice and starting to plan for these things early. When you fail to plan and then you find, ‘OK my kid is going to university, oh God it’s going to cost me this!’… then your retirement plan has gone for a toss for the next few years because you’ve **t planned for education. So it’s important to plan ahead.” HSBC’s Value of Education 2015: Learning for life report examined the views of over 5,550 parents across 16 countries, and more than 450 from the UAE. [email protected]